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Bharat Electronics Ltd. Annual Report 2021

Jun 22, 2021

60828_rns_2021-06-22_cbb739fa-7cd2-4832-8e23-0a2a92fe8bfb.pdf

Annual Report

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yRlTo,

ÿqTrffÿr. BSE Ltd. PhirozeJeejeebhoy Towers Dalai Street Mumbai - 400 001

tUo. 17565/4/SE/MUMC/SEC oi*/ Date: 22/06/2021 WWeD ; www.bel-md.a.in

Dear Sir/Madam,

ZJTTcT ÿcrtcfÿyPicfYi MARATElECmON/CS * TRcf ÿeicfÿlPicKi fofÿg (*TNcT WUm T vJÿFf , T5TT HÿlcUl) HvjTlÿd crizfcRT : 3TTÿ7 fÿT 7ÿ5, -1HNKI , el'icjy - 560 045, TR?T Bharat Electronics Limited (Govt, of India Enterprise, Ministry of Defence) Registered Office : Outer Ring Road, Nagavara, Bangalore - 560 045, INDIA. CIN : L32309KA1954GQI000787 : +91 (80)25039266

  • im- fÿTTÿ31 2021 WF fÿTTft/ ÿ f%xfk hRÿI l-H I
  • Sub: Audited Standalone and Consolidated Financial Results for the quarter/year ended 31St March 2021.

Mr (Tÿ.#.ÿt.3TR.) 2015 % f%fÿT 33(3)(d)% cTÿcf Tfoft *TTW % ÿTÿT-HTÿT, 31 2020 WO" Qÿllÿl/ spf % f%TT wft % TTcr fMpT nRuim sk serftÿrlrrsfcTÿTfirr qnti

Pursuant to Regulation 33(3) of SEBI (LODR) Regulations, 2015, please find enclosed herewith the Audited Standalone and Consolidated Financial Results of the Company for the quarter/ year ended 31St March, 2021 along with Auditors Report, declaration under Regulation 33(3)(d) of the SEBI (LODR) Regulations, 2015 and copy of Press Release. ÿFnÿsrfÿrÿtfi

This is for your information and record.

/ Thanking you,

*aft"Yours faithfully,

Ends: As stated above.

A. Standalone Results

_
A.
JA*Arfl
£/
£Cr#OMCS
QUALITY.
TECHNOLOGY. INNOVATION.
BHARAT ELECTRONICS
LIMITED
(CIN: L32309KA1954GOI000787)
Office
Nagavara, Bengaluru -
Registered
& Coiporate
: Outer Ring Road,
560 045.
Ph: 080-25039300/25039266
E-mail:
[email protected],
Website: www.bel-india.in.
Fax: 080-25039266

results
quarter
Statement
of
standalone
and consolidated
audited
for
the
and year ended 31 March,
2021.
Standalone
Results
(? in
Lakhs)
Quarter
ended		 Year ended
SI.
No.		 Particulars 31.03.2021
(Refer
Note 11)		 31.12.2020
(Unaudited)		 31.03.2020
(Refer
Note 11)		 31.03.2021
(Audited)		 31.03.2020
(Audited)
1
i.		 Revenue r
om operations
r
Sales / income
om operations		 75,705
ii. Other operating income 6,
15,129		 2,
25,649
3,
975		 72,549
5,
8,
035		 81,816
13,
24,567		 12,60,776
31,335
Total revenue rom
operations		 6,
90,834		 2,
29,624		 5,
80,584		 14,06,383 12,92,111
2 Other income 717
5,		 312
2,		 2,
830		 12,610 10,194
3 (1+2)
Total income		 551
6,
96,		 31,936
2,		 83,414
5,		 14,
18,993		 02,305
13,
4 Expenses
(a) Cost ofmaterials
consumed
of
(b) Consumption
stock-in-trade
i
(c) Changes in
inventories
of
nished goods,		 3,06,662
72,363
27,
907		 31,635
1,
17,265
(30,791)		 52,682
2,
2,
335
76,279		 6,
72,394
23,321
1,
(12,933)		 89,476
5,
097
95,
25,
943
work-in-progress
and scrap
(d) Employee benefits
expense
(e) Finance
costs
(f) Depreciation
and amortisation
expense
(g) Other expenses		 47,819
555
9,
166
39,026		 45,391
16
449
9,
22,089		 57,469
161
9,
503
43,563		 94,068
1,
608
36,633
11,421
1,		 05,749
2,
326
34,
964
02,833
1,
Total expenses 03,498
5,		 95,054
1,		 41,992
4,		 25,512
11,		 10,54,388
5 i
t before exceptional
Pro
items & tax (3-4)		 93,053
1,		 36,882 41,422
1,		 93,481
2,		 47,917
2,
6 Exceptional items - - - - -
7 i
t before tax (5 - 6)
Pro		 93,
053
1,		 36,882 41,422
1,		 93,481
2,		 917
2,
47,
8 Tax expense (including
deferred tax)		 57,815 10,696 37,970 86,939 68,
534
9 i
t for the period (7 - 8)
Pro		 35,238
1,		 26,
186		 03,452
1,		 2,
06,542		 79,383
1,
10 Income / (Loss) (net oftax)
Other Comprehensive		 (5,305) 2,
600		 (5,759) (8,709) (3,814)
11 Total comprehensive
i
income for the period (9 + 10)
[comprising
t and other comprehensive income for the
pro
period]		 29,933
1,		 28,786 97,693 97,833
1,		 75,569
1,
12 (Face Value of
Paid-up
equity share capital
? 1/- each)		 24,366 24,366 24,366 24,
366		 24,366
13 Other Equity excluding
Revaluation
Reserves		 - - - 10,56,423 9,
60,928
14 & Diluted)
(?) (not annualised)
Earnings per share (Basic		 5.
55		 08
1.		 4.
24		 48
8.		 7.
36

B. Consolidated Results

SI.

SI.
No.		 Particulars 31.03.2021
(Refer
Note 11)		 31.12.2020
(Unaudited)		 31.03.2020
(Refer Note
11)		 31.03.2021
(Audited)		 31.03.2020
(Audited)
1 Revenue from operations
r
i.
ii.		 Sales
/ income
om operations		 76,996
6,
14,751		 2,
26,993
046		 72,857
5,
820		 971
13,84,
25,898		 12,63,658
33,109
Other operating income
Total revenue rom
operations		 91,747
6,		 5,
2,
32,039		 8,
81,677
5,		 14,10,869 12,96,767
2 Other income 751
5,		 351
2,		 2,
864		 12,496 940
9,
3 (1+2)
Total income		 97,498
6,		 2,
34,390		 84,541
5,		 14,
23,365		 13,06,707
4 Expenses
(a) Cost ofmaterials
consumed
(b) Consumption of
stock-in-trade
offinished
(c) Changes in
inventories
goods,
work-in-progress
and scrap		 3,05,415
72,363
29,195		 1,31,920
265
17,
(30,907)		 2,
52,446
2,
335
75,548		 71,752
6,
23,321
1,
(12,469)		 89,700
5,
95,097
24,931
benefits
(d) Employee
expense		 48,
070		 791
45,		 58,040 95,589
1,		 07,474
2,
(e) Finance
costs		 560 40 193 637 360
(f)
Depreciation
and amortisation expense		 9,
684		 9,
978		 10,058 38,732 37,186
(g) Other expenses 38,614 22,348 912
43,		 11,625
1,		 04,119
1,
Total expenses 03,901
5,		 96,435
1,		 4,
42,532		 11,29,187 10,58,867
5 share ofnet
Profit
before exceptional items,
profit
of
associate
accounted under equity method & tax (3-4)		 93,597
1,		 37,955 42,009
1,		 94,178
2,		 2,
47,
840
6 Exceptional items - - - - -
7 i
before share ofnet
t of
Profit
pro
associate accounted under
equity
method & tax (5 - 6)		 93,597
1,		 37,955 42,009
1,		 94,178
2,		 47,
840
2,
8 Tax expense (including
deferred tax)		 58,024 10,943 38,117 87,244 68,577
9 i
ofassociate
t before share ofnet
profit
Pro
accounted under
equity
method (7 - 8)		 35,573
1,		 27,012 03,892
1,		 2,
06,934		 79,263
1,
10 i
t of
Share of
associate
net pro
accounted under equity
method		 242
1,		 838 805 3,
042		 209
3,
11 Profit
for the period
(9 + 10)		 36,815
1,		 27,850 04,697
1,		 2,
09,976		 82,472
1,
12 Income / (Loss) (net oftax)
Other Comprehensive		 (5,352) 2,
604		 (6,046) (8,751) (4,102)
13 i
Total comprehensive income
od (11
i
for the pe
+ 12)
i
t and other comprehensive income
[comprising
for the
pro
pe
od]		 31,463
1,		 30,454 651
98,		 01,225
2,		 78,370
1,
14 Net Profit
/ (Loss ) attributable
to
a) Owners ofthe
Company
b) Non Controlling
Interest		 36,809
1,
6		 27,805
45		 04,673
1,
24		 2,
09,894
82		 82,385
1,
87
Other Comprehensive
Income attributable
to
a) Owners ofthe
Company
b) Non Controlling
Interest		 (5,352)
-		 2,
604
-		 (6,046)
-		 (8,751)
-		 (4,102)
-
Total Comprehensive
Income attributable to
a) Owners ofthe
Company
b) Non Controlling
Interest		 31,457
1,
6		 30,409
45		 98,627
24		 01,143
2,
82		 78,283
1,
87
15 equiy
share capital (Face Value of
Paid-up
? 1/- each)		 24,366 24,366 24,366 24,366 24,366
16 excluding Revaluation
Other Equity
Reserves		 - - - 10,81,592 9,
82,787
17 Earnings
per share (Basic & Diluted)
(?) (not annualised)		 5.
62		 1.
14		 4.
30		 8.
62		 49
7.

(? in Lakhs)

Icq I

@iOR6>

Quarter ended Year ended

See accompanying notes to the financial results.

C. Notes:

  1. Standalone Statement ofAssets & Liabilities as at 31 March 2021 is given below.
SI. (? in Lakhs)
JNo. Particulars As at
31 March
2021		 As at
31 March
2020
A ASSETS
Non-current
assets
(1) t
(a) Prope
plant
and equipment
y,		 2,
42,265		 49,663
2,
(b) Capital
work-in-progress		 35,069 19,944
(c) Investment
property		 8 9
(d) intangible
Other
assets		 5,
730		 2,
297
(e) Intangible
assets under development		 38,556 48,343
(0 Financial
assets		 36,668
1,		 22,321
1,
(g) Deferred
tax assets
(net)		 46,339 49,740
(h) Inventories 3,
938		 5,
255
(i) Other non current
assets		 39,081 34,078
current
total
assets
Sub
- Non		 5,47,654 5,31,650
(2) Current
assets
(a) i
Invento
es		 91,529
4,		 91,020
3,
(b) Financial
assets		 11,62,487 8,
35,226
(c) tax
assets
Current
(net)		 12,998 27,989
(d) Other current
assets		 6,
90,647		 6,
05,224
- Current
total
assets
Sub		 23,57,661 18,59,459
ASSETS
TOTAL		 29,05,315 23,91,109
B LIABILITIES
EQUITY
AND
(1) Equity
capital
share
(a) Equity		 24,366 24,366
equity
(b) Other		 10,56,423 9,
60,928
Total
- Equity
Sub		 10,80,789 9,
85,294
liabilities
(2) Non-current
(a) income
Deferred		 493
6,		 6,
889
(b) Financial
liabilities		 817 4,
954
(c) Provisions 40,744
1,		 16,057
1,
liabilities
(d) Other
non current		 - 112
current
liabilities
Sub total
- Non		 48,054
1,		 1,28,012
liabilities
(3) Current
(a) Deferred
income		 396 422
liabilities
(b) Financial		 4,
25,333		 3,
25,670
(c) liabilities
Other
current		 12,16,497 20,175
9,
(d) Provisions 34,246 31,536
liabilities
tax
(e) Current
(net)		 - -
- Current
total
liabilities
Sub		 16,76,472 12,77,803
LIABILITIES
EQUITY
TOTAL
AND		 29,05,315 ÿ
23,91,109

C. Notes

2. Standalone Cash Flow Statement

(? in
Lakhs)
Particulars For the
year
ended 31 March
2021		 For the
year
ended 31 March
2020
CASH FLOW FROM OPERATING
ACTIVITIES
A.
:
before
Profit
exceptional
items
and tax		 93,481
2,		 47,917
2,
Adjustment
s for:
Depreciation
and amortisation
expense		 36,633 34,964
Provision
for intangible
assets under development		 213
7,
charged off
Intangible
assets under development		 75
Capital WIP
charged off		 468
1,
Contract costs charged off 247
1,
responsibility
Corporate social		 688
4,		 3,
117
from
Transfer
government grants		 (422) (660)
Interest income (5,649) (6,496)
Dividend
income		 (351) (426)
Interest on lease liability 24 28
Finance costs 584 298
Fair valuation
of
loan
to subsidiary		 (14) (2)
ofpropety
Profit
on sale
, plant
& equipment		 (121) (21)
Operating
Profit
Before
Working
Capital
Changes		 3,37,609 2,
79,966
Increase / (Decrease) due to:
Trade receivables 18,137 (1,36,370)
Loans 301
1,		 716
Other financial
assets		 1,
130		 624
Other assets (90,426) (1,32,788)
Inventories (99,192) 49,
204
Trade payables 87,188 98,968
Other financial
liabilities		 248
8,		 (8,636)
Other liabilities 96,210
2,		 70,
392
1,
Provisions 15,759 768
3,
Current tax assets (12,388) (15,748)
from
Cash Generated
Operations		 5,
63,576		 3,
10,096
Income taxes paid (net) (53,230) (56,843)
Cash Flow
Exceptional
Items
Before		 10,346
5,		 2,53,253
Exceptional
items
Net Cash from
Operating
/ (used in)
Activities		 10,346
5,		 2,53,253

in
Lakhs)
Particulars For the
year
ended 31 March
2021		 For the year
ended 31 March
2020
B. CASH FLOW FROM INVESTING
ACTIVITIES
:
Purchase ofproperty,
plant
& equipment and other intangible
assets		 (46,773) (74,284)
ofgrant
Less: Receipt		 - 562
1,
Purchase ofproperty,
plant & equipment
and other intangible
assets (net)		 (46,773) (72,722)
Proceed r
om sale of
property, plant & equipment
Increase / (Decrease) from term deposits
& other bank balances		 (1,99,281) 16,057
Equity investments
in
subsidiaries
& associates		 (157) (2,833)
Investments in others (16,781) (11,403)
Interest received 649
5,		 496
6,
Dividend received 351 426
Net Cash from
Investing
Activities
/ (used in)		 (2,56,859) (63,893)
CASH FLOW FROM FINANCING
ACTIVITIES
C.
:
Proceeds / Repayment from
borrowings
(net)		 (833)
133		 (2,501)
86
Corporate Social Responsibility
(CSR) expenditure		 (3,670) (5,042)
Dividend
paid
(including
tax on dividend)		 (1,02,274) (97,930)
Repayment oflease
liabilities		 (159) (132)
liability
Interest on lease		 (24) (28)
Finance
costs		 (584) (298)
Net Cash from
Activities
/ (used in)
Financing		 (1,07,544) (1,05,931)
Net Increase
in
Cash and Cash Equivalents
/ (Decrease)
(A+B+C)		 45,943
1,		 83,429
Cash and Cash Equivalents
at the
beginning
of
the
year		 1,55,622 72,193
Cash and Cash Equivalents
at the
end of
the
year		 3,01,565 55,622
1,

Non-cash changes recognised in respect ofliabilities on account of financing activities is Nil (Nil).

C. Notes:

3. Consolidated Statement ofAssets & Liabilities as at 31 March 2021 is
given		 below.
---- -------------- -------------------- -- --------------- ---------- ------- ------ ------------- --------
(? in
Lakhs)
SI. Particulars As at As at
No. 31 March
2021		 31 March
2020
A ASSETS
(1) Non-current
assets
plant
and equipment
(a) Property,		 2,
48,550		 2,
56,777
(b) Capital
work-in-progress		 39,747 24,671
(c) Investment
property		 8 9
(d) Other intangible
assets		 16,656 14,473
(e) Intangible
under development
assets		 48,521 58,127
(f) in
associate
Investment		 989
18,		 16,209
(g) Financial
assets		 15,212
1,		 00,976
1,
(h) Deferred
tax assets (net)		 46,
346		 49,870
(i) Inventories 3,
938		 5,
255
(j) Other non current
assets		 39,669 34,655
current
total
assets
Sub
- Non		 77,636
5,		 61,022
5,
(2) Current
assets
(a) Inventories 4,
96,798		 3,
95,830
(b) Financial
assets		 11,69,793 43,366
8,
(c) Current
tax assets (net)		 13,588 28,
495
(d) Other
current
assets		 91,378
6,		 06,118
6,
- Current
Sub total
assets		 23,71,557 18,73,809
TOTAL
ASSETS		 29,49,193 24,34,831
B EQUITY
LIABILITIES
AND
(1) Equity
(a) capital
Equity
share		 24,366 24,366
equity
(b) Other		 10,81,592 82,787
9,
attributable
Equity
to
the
owners
of
the
company		 11,05,958 10,07,153
controlling
interest
Non		 499
1,		 417
1,
- Equity
Sub Total		 11,07,457 10,08,570
liabilities
(2) Non-current
(a) Deferred
income		 16,499 18,196
liabilities
(b) Financial		 817 4,
954
(c) Provisions 41,203
1,		 16,427
1,
(d) liabilities
Deferred
tax
(net)		 36 -
liabilities
(e) Other non current		 - 112
Sub total
current
liabilities
- Non 58,555
1,		 39,689
1,
liabilities
(3) Current
income
(a) Deferred		 711
1,		 750
1,
liabilities
(b) Financial		 26,144
4,		 28,893
3,
liabilities
(c) Other current		 12,20,298 22,478
9,
(d) Provisions 35,028 33,451
tax liabilities
(e) Current
(net)		 - -
liabilities
Sub total
- Current		 16,83,181 12,86,572
EQUITY
LIABILITIES
TOTAL
AND		 29,49,193 ÿ
4,34,831

C. Notes

4. Consolidated Cash Flow Statement

(? in lakhs)

Particulars For
the year ended
31 March
2021		 the
For
year
ended
31 March
2020
FROM OPERATING
ACTIVITIES
CASH FLOW
A.
:
share of
Profit
after
but before
exceptional
associate
items and tax		 2,
97,220		 51,049
2,
Adju
stments for:
ti
Depreciation
sation
and amo
expense		 38,732 37,186
Provision
intangible
for
assets under development		 213
7,
charged off
Intangible
assets under development		 75
Capital WIP charged off 468
1,
Contract costs charged off 247
1,
responsibility
Corporate social		 4,
711		 3,
117
Transfer
from
government grants		 (1,736) (1,998)
Interest income (6,050) (7,058)
liability
Interest on lease		 24 28
Finance
costs		 613 332
t
Profit
of
on sale
y, plant
& equipment
prope		 (121) (21)
Operating
Profit
Before
Working
Capital
Changes		 42,149
3,		 2,83,882
Increase / (Decrease) due to:
Trade receivables 16,
203		 (1,35,035)
Loans 41 (597)
Other financial
assets		 325
1,		 421
Other assets (90,274) (1,36,528)
Inventories (99,651) 47,364
Trade payables 84,818 01,602
1,
Other financial
liabilities
Provisions
Other liabilities
Current
tax assets
from
Cash Generated
Operations
Income taxes paid
(net)
Items
Cash Flow
Before
Exceptional
Exceptional
items
Net Cash from
Operating
Activities
/ (used in)		 8,
183
14,650
2,
97,708
(12,523)
62,629
5,
(53,307)
5,09,322
5,09,322		 (9,925)
3,
304
75,880
1,
(15,903)
3,14,465
(57,424)
57,041
2,
2,57,041

(? in
lakhs)
Particulars the
For
year ended
31 March
2021		 For the
year
ended
31 March
2020
INVESTING
ACTIVITIES
FLOW
B.
CASH
FROM
:
Purchase of
property, plant
& equipments and other intangible
assets		 (46,925) (76,220)
of
Less:
Receipt
grant		 - 562
1,
Purchase of
property,
plant
& equipment and other intangible
assets (net)		 (46,925) (74,658)
t
Proceed from
of
sale
y, plant
& equipment
prope		 133 86
Increase
/ (Decrease) in
term deposits & other bank balances		 (1,99,223) 17,230
Other investments (19,557) (14,612)
Interest
received		 6,
050		 058
7,
Investing
Net Cash from
/ (used in)
Activities		 (2,59,522) (64,896)
ACTIVITIES
FROM FINANCING
FLOW
CASH
C.
:
Proceeds / Repayment from
borrowings
(net)		 (833) (2,501)
Responsibility
Corporate Social
(CSR) expenditure		 (3,670) (5,042)
Dividend
Paid (including
tax on dividend)		 (1,02,274) (98,017)
Repayment of
lease liabilities		 (159) (132)
liability
Interest on lease		 (24) (28)
Finance costs (613) (332)
Net Cash from
/ (used in)
Financing
Activities		 (1,07,573) (1,06,052)
Net Increase/(Decrease)
in
Cash and Cash Equivalents
(A+B+C)		 1,42,227 86,093
at the
beginning
ofthe
Cash and Cash Equivalents
year		 1,62,063 75,970
Cash and Cash Equivalents
end of
at the
the
year		 3,
04,290		 1,62,063
ofliabilities
on account of
changes recognised
in
financing
activities
is
respect
1.Non-cash

(i) Parent Company - Nil (Nil)

(ii) Subsidiary Company BELOP - Nil (Nil)

(iii) Subsidiary Company BEL-Thales - Nil (Nil)

C. Notes:

  • 5 These results have been prepared in accordance with the Ind AS notified under the Companies (Indian Accounting Standards) Rules 2015, as amended.
  • 6 Ministry of Corporate Affairs (MCA) has exempted the companies engaged in defence production from the requirements of Segment Reporting.
  • 7 The audited annual results of subsidiary company viz. BEL Optronic Devices Ltd. (100% shareholding), BEL Thales Systems Ltd (74% shareholding) are included in consolidated financial results for the year 2020-21. The associate viz. GE BE Pvt. Ltd. has been consolidated under equity method [26 % Shareholding]. The consolidated financial results have been prepared as per Ind AS 110 and Ind AS 28.
  • 8 The Company has considered the possible effects that may result from the pandemic relating to COVID 19 in the preparation ofthe financial statements including the recoverability of carrying amount of inancial and non-inancial assets. In developing the assumptions relating to the possible future uncertainities in the global economic conditions because of pandemic, the company has used its available internal and external sources of information and economic forecasts and expects that the carrying amount of these assets will be recovered. The impact of COVID-19 on the financial statements may differ from the estimate as at the date of approval ofthe financial statements.
  • 9 Two interim dividend totalling ? 2.80 per equity share was paid for the inancial year 2020-21 in the month of February and March 2021.
  • 10 A inal dividend of? 1.20 per equity share for the financial year 2020-21 has been recommended by the Board of Directors at the meeting held on 22nd June 2021.
  • 11 The figures of fourth quater are the balancing figures between the audited figures for the full financial year and the published figures up to the third quater ofthe respective financial years.
  • 12 The company has adopted the concessional tax rate under the new tax regime with effect from FY 2020-21.
  • 13 The inancial results for the year ended 31 March 2021 have been audited by the statutory auditors ofthe company.
  • 14 The audited results for the year ended 31 March 2021 is subject to supplementary audit by the Comptroller and Auditor General ofIndia u/s 143 (6) of the Companies Act, 2013.
  • 15 The above statement offinancial results were reviewed by the Audit Committee and approved by the Board of Directors at the Meeting held on 22nd June 2021.

INDEPENDENT AUDITOR,S REPORT

TO THE BOARD OF DIRECTORS OF BHARAT ELECTRONICS LIMITED

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying standalone financial results of Bharat Electronics Limited (the company) for the year ended 31 March, 2021, attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, these standalone financial results:

  • i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
  • ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India ofthe net profit and other comprehensive income and other financial information for the year ended 31 March, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor,s Responsibilities for the Audit ofthe Standalone Financial Results section of our repot. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

www.suriandco.com

52/4, Basappa Road, Shanthi Nagar, Bangalore-560 027

GSTIN - 29AABFS5023Q1ZR

Management's Responsibilities for the Standalone Financial Results

These standalone financial results have been prepared on the basis ofthe annual standalone financial statements. The Company s Board of Directors are responsible for the preparation of these financial results that give a true and fair view ofthe net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, 'I nterim Financial Repoting, prescribed under Section 133 ofthe Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness ofthe accounting records, relevant to the preparation and presentation ofthe standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, the Board of Directors are responsible for assessing the Company,s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company,s financial repoting process.

Auditor,s Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if , individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis ofthese standalone financial results.

As pat of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

. Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain auÿi

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk ofnot detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

  • . Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness ofthe company s internal control.
  • . Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
  • . Conclude on the appropriateness of the Board of Directors, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company,s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor,s report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor,s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
  • . Evaluate the overall presentation, structure and content ofthe standalone financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.
  • . Obtain sufficient appropriate audit evidence regarding the standalone financial results of the company to express an opinion on the standalone financial results.

Materiality is the magnitude of misstatements in the standalone financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial results.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged vvitli governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

(1) We did not audit the financial statements of six branches included in the standalone financial results ofthe Company whose financial statements reflect total assets of Rs. 5,90,774 lakhs as at 31 March, 2021 and total revenues of Rs. 4,30,633 lakhs for the year ended on that date, as considered in the standalone financial results. The financial statements ofthese branches have been audited by the branch auditors appointed by Comptroller & Auditor General of India, whose reports have been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of these branches, is based solely on the report of such branch auditors.

Our opinion is not modified in respect ofthe above matter.

(2) The Financial Results include the results for the quarter ended 31 March, 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

For Suri& Co., Chartered Accountants Firm Registration No. 004283S

Membership No.223118

Date: 22.06.2021

INDEPENDENT AUDITOR,S REPORT

To the Board of Directors of Bharat Electronics Limited

Report on the Audit of Consolidated Financial Results

Opinion

We have audited the accompanying consolidated annual financial results of Bharat Electronics Limited (hereinater referred to as the 'Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as " the Group") and its associate for the year ended 31 March 2021, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ( Listing Regulations').

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of repots of other auditors on separate audited financial statements ofthe subsidiaries and associate, the aforesaid consolidated financial results:

  • (i) include the annual financial results ofthe following entities:
  • a) BEL Optronics Devices Limited (BELOP) Subsidiary
  • b) BEL Thales Systems Limited Subsidiary
  • c) GE BE Private Limited Associate
  • (ii) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
  • (iii) give a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of net profit and other comprehensive income and other financial information ofthe Group for the year ended 31 March, 2021.

www.suriandco.com

9cl> 52/4, Basappa Road, Shanthi Nagar, Bangalore-560 027

GSTIN - 29AABFS5023Q1ZR

The respective Board of Directors of the companies included in the Group and of its associate are responsible for overseeing the financial repoting process ofthe Group and of its associate.

Auditor,s Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement , whether due to fraud or error, and to issue an auditor's repot that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if , individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.

As pat of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

  • . Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
  • . Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness ofthe company , s internal control.
  • . Evaluate the appropriateness ofaccounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the Board of Directors.

  • . Conclude on the appropriateness ofthe Board of Directors use ofthe going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability ofthe Group and its associate to continue as a going concern. Ifwe conclude that a material uncetainty exists, we are required to draw attention in our auditor s report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date ofour auditor's repot. However, future events or conditions may cause the Group and its associate to cease ocontinue as a going concern. /rÿ>s "nP\ r°7 MBangaloreY* lUl 960 027

  • . Evaluate the overall presentation, structure and content ofthe consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.

  • . Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its associate to express an opinion on the consolidated Financial Results. We are responsible for the direction, supervision and performance ofthe audit offinancial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in Para (1) of section titled "Other matters" in this audit report.

Materiality is the magnitude of misstatements in the consolidated financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user ofthe consolidated financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the consolidated financial results.

We communicate with those charged with governance ofthe Molding Company and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing ofthe audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) ofthe Listing Regulations, as amended, to the extent applicable.

Other Matters

(1) The consolidated Financial Results include the audited Financial Results of two subsidiaries whose Financial Statements/Financial information reflect Group, s share oftotal assets of Rs. 48,170 lakhs as at 31 March, 2021, Group's share oftotal revenue of Rs. 3,041 lakhs and Rs. 9,418 lakhs and Group's share of total net profit after tax (including Other Comprehensive Income) of Rs. 322 lakhs and Rs. 759 lakhs for the quarter ended 31 March, 2021 and for

year ended 31 March, 2021 respectively, as considered in the consolidated Financial Results, which have been audited by their respective independent auditors.

The consolidated financial results also reflect assets of the associate of Rs. 18,989 lakhs as " Investment in associate" and include Associate's share of net profit (including other comprehensive income) of Rs. 3,046 lakhs, whose financial statement have not been audited by us.

The independent auditors, repots on financial statements/financial information ofthese entities have been furnished to us and our opinion on the consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the repot ofsuch auditors and the procedures performed by us are as stated in paragraph above.

(2) The Financial Results include the results for the quarter ended 31 March, 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quater of the current financial year which were subject to limited review by us.

For Suri& Co., Chartered Accountants Firm Registration No. 004283S

C1 mIIb Ue C1rs Sh11i 1pJJ No.22311 11 8 O ÿ UDIN: 2-) ))\$ *)A A A &£ I

Date: 22.06.2021 MIYIe

DECLARATION

I, Dinesh Kumar Batra, Director (Finance) & Chief Financial Officer of Bharat Electronics Limited (CIN: L32309KA1954GOI000787) having its Registered & Corporate Office at Outer Ring Road, Nagavara, Bengaluru - 560045, hereby declare that, the Statutory Auditors of the Company, M/s. Suri and Co, Chartered Accountants (FRN: 004283S) have issued an Audit Report with unmodified opinion on Annual Audited Financial Results of the Company (Standalone & Consolidated) for the quarter and year ended on 31 March, 2021.

This Declaration is given in compliance to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended by the SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2016, vide Notification No. SEBI/LAD-NRO/GN/2016-17/001 dated May 25, 2016 and Circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016.

Press Release

BEL Achieves growth of 30.73% in PAT for quarter ended 31St March 21.

BEL achieved a turnover of Rs.6757.05 crs for the quarter ended 31S" March 2021, as against Rs.5725.49 crs for the corresponding quarter of the previous year. The Profit after tax (PAT) stood at Rs. 1352.38 crs as against Rs. 1034.52 crs for the corresponding quarter of the previous year.

The company achieved a turnover of Rs. 13818.16 crs for F.Y. 2020-21 registering a growth of 9.60% over the turnover of Rs. 12607.76 crs achieved in the previous year.

The profit after tax (PAT) for F.Y. 2020-21 stood at Rs.2065.42 crs as against Rs. 1793.83 crs in the previous year, registering a growth of 15.14%.

The company has paid an interim dividend of Rs.2.80 per share for F.Y. 2020-21 and the Board has recommended a further dividend of Rs.1.20 per share as final dividend for F. Y. 2020-21 at the meeting held on 22nJ June 2021, subject to approval in the AGM. The total dividend payout for F.Y. 2020-21 works out to Rs.4.00 per share, as against Rs.2.80 per share in the previous year.

The company has a healthy order book position of Rs. 53434 crs as on 01.04.2021.

For BHA&AT ELECTRONICS LIMITED .mm / s. SRCENIVAS \ / Company S.ecreta rv

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